Ferozsons in talks to produce Remdesivir

Published May 12, 2020
Remdesivir has been approved for treating Covid-19 by the US. - AFP/File
Remdesivir has been approved for treating Covid-19 by the US. - AFP/File

KARACHI: Ferozsons Laboratories announced on Monday that its subsidiary BF Biosciences Ltd (BFBL) was in negotiations to enter into a non-exclusive license agreement with Gilead Sciences Inc for the manufacture and sale of Remdesivir to supply Pakistan and 126 other countries.

“There is no obligation at this time for any party to execute any transaction,” Ferozsons told the PSX in a notice.

Ferozsons share hit the upper circuit in trading on Monday as investors fell for the company stocks which also saw several other pharma companies’ record substantial gains.

It went on to say in the notice that “If an agreement is executed by Gilead and BFBL, once production starts, we are confident that we will have sufficient quantities over time to serve the needs of the patients in Pakistan.”

This was followed by a note of caution: “However, at the moment we are uncertain as to the timelines for first launch as an agreement remains to be executed, and thereafter local regulatory approvals and sourcing of Active Pharmaceutical Ingredient for manufacturing Remdesivir may take some time”.

Published in Dawn, May 12th, 2020

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Reforming militants
24 Jul, 2024

Reforming militants

Such initiatives have been tried before, in Swat for instance, at centres run by the military as well as NGOs.
IPP debate
24 Jul, 2024

IPP debate

A FIERCE debate blaming the exorbitant electricity prices on expensive power purchase agreements with IPPs has been...
Political vendettas
24 Jul, 2024

Political vendettas

IT seems that the PML-N and PPP need to be reminded again that they are doing themselves a considerable disservice ...
Security concerns
23 Jul, 2024

Security concerns

All stakeholders want what is best for the country and its people; their differing approaches shouldn’t be viewed with such suspicion all the time.
Frankfurt vandalism
23 Jul, 2024

Frankfurt vandalism

THE state needs to seek serious answers from the German authorities regarding the July 20 mob attack targeting...
Stressed cotton economy
23 Jul, 2024

Stressed cotton economy

DECREASING cotton production should be a worry for the government because of its socioeconomic implications. Early...